Category Class Action

Whether a class action settlement payment affects your Social Security benefits depends entirely on which type of benefit you receive.

If you received money from a class action settlement and didn't report it on your taxes, you could be setting yourself up for IRS penalties, interest...

To report a class action settlement on a state tax return, you first determine whether the settlement is taxable at the federal level, report it on your...

For most class action settlement recipients, the short answer is no — you cannot deduct attorney fees from a class action settlement on your taxes.

There is no single tax rate on class action settlement payments. The IRS treats most settlement income as ordinary income under IRC Section 61, which...

Whether your class action settlement is taxable depends almost entirely on one question: what was the settlement meant to compensate?

Yes, the IRS can tax a class action settlement check under $600. The dollar amount of your payment has absolutely no bearing on whether it counts as...

If you receive a class action settlement payment, the tax form you will most likely get is a Form 1099-MISC, with the amount reported in Box 3 (Other...

How you report a class action settlement payment on your tax return depends entirely on what the payment was meant to compensate.

Yes, a class action settlement payment can be garnished for child support. If you owe back child support, also known as arrears, your settlement proceeds...